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Senate Bill 977 |
Senate Author: Hinojosa |
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Effective: 5-28-11 |
House Sponsor: Torres |
Senate Bill 977 amends the Government Code to require the comptroller of public accounts to deposit eligible taxable proceeds that were collected by or forwarded to the comptroller in relation to a qualified hotel project under the Texas Enterprise Zone Act, and to which the project is entitled under an agreement entered into by a governmental body to rebate, refund, or pay such proceeds to the owner of the project where the proceeds were generated, in trust in a separate suspense account of the project. The bill authorizes the comptroller to make a rebate, refund, or authorized payment without the need for an appropriation and requires the comptroller to rebate, refund, or pay to each qualified hotel project eligible taxable proceeds to which the project is entitled at least quarterly.
Senate Bill 977 amends Tax Code provisions relating to tax refunds of the state sales and use tax for enterprise projects to require the comptroller to deposit the taxes paid or collected by a qualified hotel project or business located in the project in a separate suspense account of the qualified project, with the authorization to rebate, refund, or pay such tax proceeds without an appropriation but with the requirement to rebate, refund, or pay those proceeds at least monthly.
Senate Bill 977 also includes a municipality with a population of 250,000 or more that is located wholly or partly on a barrier island that borders the Gulf of Mexico, is located in a county with a population of 300,000 or more, and has adopted a capital improvement plan to expand an existing convention center facility among eligible central municipalities allowed to use revenue from the municipal hotel occupancy tax for hotel convention center projects that meet certain criteria.